ITT cut at J.P. Morgan on valuation

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LONDON (MarketWatch) -- J.P. Morgan downgraded ITT Corp.
ITT, -1.74%
a provider of technology products and services, to neutral from overweight, saying the stock's current valuation discounts most of the near-term upside. Among the factors that could limit a rise in the stock, the broker cited higher sales and marketing investments at the fluid technology business. Favorable long-term factors include commercial margin expansion and share buybacks that should leverage organic sales growth into a 12% to 16% increase in earnings per share through 2008, J.P. Morgan said.

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